2013 (8) TMI 1153

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.... PER KUL BHARAT, JM:- This appeal by the assessee is directed against the order of the ld. CIT(A, Kota dated 26-12-2012 for the assessment year 2007-08 wherein the assessee has raised following grounds. "1. The impugned additions and disallowances made in the order u/s 143(3) of the Act dated 26-12-2012 are bad in law and on facts of the case, for want of jurisdiction and various oth....

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....terest. The interest so charged / withdrawn being contrary to the provisions of law and facts, kindly be deleted in full. 4. The appellant prays your honours indulgence to add, amend or alter all or any of the grounds of appeal on or before the date of hearing. 2.1 At the outset, the ld. Counsel for the assessee submitted that he does not want to press Ground No. 1. In view of the subm....

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.... contrary to the provisions of law and facts of the case. Hence, the income declared as STCG be directed to assessed as such.'' 5.2 Briefly, the facts stated are that the case of the assessee was picked up for scrutiny assessment and the assessment u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred to as ''Act") was framed vide order dated 30-09-2009 whereby the AO made various ....

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....tted that the assessee has rightly treated the transactions as capital gain. In support of this contentions, the ld. Counsel for the assessee relied upon following case laws:- (a) CIT vs. Gopal Purohit, 228 CTR 582 (Bom.) (b) ITO vs. Rohit Anand, 127 TTJ 122 (Del.) (c) Bharat Kunverji Kenia vs. Addl. CIT , 130 TTJ 86 (Mum) 5.4 On the other hand, the ld. DR supported the ....